>> reporter: president obama insists his plan on the tablt is fair and it include -- table is fair and includes plenty. cuts to spending. >> we can't afford a politically self-conflicted wound to our economy. >> reporter: if the negotiations don't pan out, the president is ready to propose his own scaled back bill that would block tax increases for all but the wealthy and preserve expiring unemployment benefits. with the deficit ticking higher, patience is wearing thin. >> for those of us that invest in the stock market, it's disgusting to watch them jockey around with our money. we're affected every day. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 million in mandatory spending cuts scheduled to go into effect tuesday. >>> if the government does go over the cliff, the impact on the aviation industry could be disastrous, and it could have a domino effect on the economy. the transportation security administration could lose about 7% of its budget, and more than 7,000 security officers. passengers could face longer waits at security. the faa could see its